Bank account

Hanoi (VNA) – The State Bank of Vietnam (SBV) has made an official request for all payment service providers to facilitate visually impaired people as well as others with disabilities when they want to open a bank account and get a bank card. In Document No. 8343/NHNN-TT dated November 2, 2018, the central bank asks the providers to review their procedures and application a customer is required to lodge in for a bank account and bank card, in consideration of difficulties the people with visual impairs or other disabilities may face to make the application. The SBV wants the providers to adopt new procedures and provide exclusive guidelines for those people to do so. The payment service providers are also requested to train their staff and managers on how to properly help visually impaired people to apply for a bank account and bank card. They are recommended to take into account the challenges facing the disabled people in providing necessary information and papers for … [Read more...] about Visually impaired people to get support in opening bank accounts

Regulation on providing bank account information raises strong objectionsThe Saigon Times Daily A customer transacts at a bank in HCMC. Many enterprises and experts have voiced their opposition to a regulation requiring commercial banks to provide tax agencies with customers’ bank account information - PHOTO: THANH HOA HCMC – Many enterprises and experts have voiced their opposition to a regulation requiring commercial banks provide tax agencies with customers’ bank account information, Nguoi Lao Dong news site reported. At a recent meeting held by the HCMC delegation of National Assembly deputies to discuss the draft amendments to the Law on Tax Administration, many attendees condemned the regulation that requires banks to supply information such as the bank account status, the account number and bank balance, details of transactions through the account and tax codes. Le Hoang Chau, chairman of the HCMC Real Estate Association, claimed that the regulation is … [Read more...] about Regulation on providing bank account information raises strong objections

VietNamNet Bridge – Cao Sy Kiem, former Director General of the Viet Nam State Bank, talks to the newspaper Kinh te & Do thi about the proposal to require all car drivers to open their bank accounts in order to pay traffic fines if they are found to have violated traffic regulations through a traffic camera. Cao Sy Kiem. — Photo dantri.com.vn Do you have any comments on the Ministry of Transport’s proposal? The first thing I should say that this is a good idea if it becomes a reality. The most visible benefit is that when car owners have their bank accounts linked to their other documents, fines levied for their traffic violations will be a lot easier for the authorities to collect. When the bank receives a notification from a functional agency which is charged with collecting the traffic fine, the bank will then automatically deduct the fine from the bank account and then transfer the money to the State budget. This method will save time for the … [Read more...] about Car owners must open a bank account for traffic fines

Former Malaysian Prime Minister Najib Razak. (Photo: Reuters) Kuala Lumpur (VNA) – Former Malaysian Prime Minister Najib Razak’s bank account is no longer frozen, said Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Azam Baki. The decision to unfreeze Najib’s personal account was made after the MACC found it has no relation with its investigation into the 1Malaysia Development Berhad (1MDB) scandal, the Malaysia-based News Strait Times quoted him as saying. The MACC also discovered that the account, which was unfrozen on July 16, has no links to SRC International Sdn Bhd (SRC), 1MDB’s subsidiary, he said, adding that the bank accounts owned by the former PM’s children were also unfrozen. On July 2, the MACC announced it had frozen 408 bank accounts with a total sum of 1.1 billion ringgit (272 million USD) as part of its investigation into 1MDB. This action was carried out from June 26-29, involving 81 people and 55 companies. … [Read more...] about Former Malaysian PM’s bank account unfrozen

Viet Nam News HÀ NỘI – Hà Nội officials want to make it compulsory to open a new bank account to register a car. The municipal People’s Committee recently proposed a draft regulation on the issue to the Ministry of Security. However, its feasibility has come under question. Explaining the regulation, city authorities said that these bank accounts will be used to fine car owners for traffic tickets. Hoàng Hà of Đại Nam Law Firm in Hà Nội told Vietnam News Agency that at present, there were no regulations asking a citizen to open a new bank account when buying and registering a car. Car purchases, according to him, are a civil transaction between sellers and buyers. Moreover, cars can be traded immediately after being purchased. Agreeing, Đinh Thị Hoà of DTH Law Firm, called the draft regulation unreasonable and unfeasible. Opening a bank account is a right, not a responsibility of citizens. … [Read more...] about Car owners asked to obtain new bank accounts

Several bank accounts of the United Malays National Organisation (UMNO), the party of former Malaysian Prime Minister Najib Razak, have been frozen (Photo: Reuters) Hanoi (VNA) – Several bank accounts of the United Malays National Organisation (UMNO), the party of former Malaysian Prime Minister Najib Razak, have been frozen. The information was revealed on June 29 by the special task force which is investigating the scandal surrounding the state development fund 1Malaysia Development Berhad (1MDB). In a statement, the force confirmed that dozens of bank accounts of individuals and organisations, including UMNO, some other political parties and relevant companies, which were believed to have links with the misappropriated fund, have been frozen. 1MDB is an investment fund formed by Najib in 2009 with an aim to serve the country’s socio-economic development. The fund is the subject of a massive money-laundering probe in a host of countries, including the United … [Read more...] about Malaysia freezes bank accounts of UMNO

TPBank has been the first bank in Việt Nam issuing ATM card through its LiveBank. — Photo cafef.vnViet Nam News HÀ NỘI — Tiên Phong Joint Stock Commercial Bank (TPBank) has updated a new function of issuing ATM cards to customers through LiveBank - the first auto banking system in Việt Nam. Nguyễn Hưng, TPBank’s general director, said customers needed to click on the machine to connect with bank staff and provide their ID card or passport to scan on the machine as well as complete information registration. LiveBank will then automatically issue an ATM card to the customer after a review from the bank’s staff. The entire process is estimated to take a maximum of six minutes instead of several days or even a week when applying for an ATM card through a bank’s branch. Hưng said customers can also register for debit card at LiveBank and receive the same at its branches. “The update is a roadmap to … [Read more...] about First Vietnamese bank issues ATM card through LiveBank

The State Bank of Viet Nam has tightened lending regulations, prohibiting credit institutions and foreign bank branches from disbursing loans in cash, effective from April 2, according to a new circular. Banks will have to provide loans to bank accounts of beneficiaries via non-cash payment instruments. - Photo vietnamfinance.vn Under Circular No. 21/2017/TT-NHNN, which stipulates the mode of disbursement of loans by credit institutions and foreign bank branches to customers, lenders will have to provide loans to bank accounts of beneficiaries via non-cash payment instruments. According to the central bank, the new circular is aimed to better supervise loans, seeking to have them comply with the stated purposes for requested loans. The disbursement of loans through bank accounts will help commercial banks supervise the use of borrowers’ loans from the beginning to avoid funds being used for incorrect purposes, such as rollovers, resulting in an increase of … [Read more...] about Banks prohibited from disbursing loans in cash

Long lines of workers and people on February 11 wait for their turn to withdraw cash from ATMs in Binh Duong province, where many industrial parks and processing zones are based (Photo: VNA) Hanoi (VNS/VNA) - To better prepare for Tet (Vietnamese Lunar New Year), the biggest holiday of the year, the State Bank of Vietnam (SBV) and authorities where industrial zones locate have taken several solutions to deal with ATM overload. According to data collected by commercial banks, about 80 percent of transactions at ATMs are cash withdrawals. As people often receive wages and bonuses before Tet, the rising demand for cash can lead to crippling burdens for ATM machines in the days prior to the holiday. Nga, a resident of Dong Da district, Hanoi, told the Nong thon Ngay nay (Countryside Today) newspaper that to avoid the long queue of people waiting to do transactions, she had to withdraw money earlier, from February 8. Meanwhile, ATMs in Bac Thang Long Industrial Zone, Dong Anh … [Read more...] about Central bank tackles ATM overload at industrial zones

The Hanoitimes - Instead of accessing bank account through normal PIN passcode, customers just need to hold the phone’s camera up to their faces, then the application will automatically recognize the face for the next login. As such, customers of the Vietnam International Bank (VIB) can now access the mobile banking application MyVIB through he two forms of biometric authentication logins: facial recognition and fingerprint identification. These functions have been updated on the newest version of MyVIB in AppStore by VIB. Earlier, in last November, its strategic partner — the Commonwealth Bank of Australia — was also the first bank in the world to apply this function. Customers of VIB can now access bank account with FaceID function. With the new method, all smartphone users who want to log into the VIB Banking App or MyVIB can now use their camera or touch the built-in fingerprint sensor on their phones, such as IphoneX, Galaxy Note 8, A5, A7 … [Read more...] about Vietnamese banks to provide FaceID function on mobile banking